Summary

Overview
Global Sodium-Ion Battery Market reached US$ 860.2 Million in 2023 and is expected to reach US$ 4,005.2 Million by 2031, growing with a CAGR of 21.2% during the forecast period 2024-2031.
Many western nations have raised security concerns about China’s complete domination of the sodium-ion battery supply chain. As a result, there is an increased focus on developing battery technology with materials and supply chains independent from China. In November 2023, the Swedish company Northvolt unveiled its new sodium-ion battery pack with an energy density of 160Wh/kg which was developed completely independent of Chinese supply chain.
The lack of a well-developed support ecosystem could hamper market growth. Lithium batteries have a first mover advantage, with extensive production and recycling infrastructure already being developed. Even if technological hurdles are overcome, the support ecosystem will have to be developed in order for sodium-ion batteries to compete with lithium batteries.
Dynamics
Problems in Increasing Lithium Production
Lithium-ion batteries have become the default choice for powering electric vehicles and consumer electronics. However, demand for lithium has consistently outstripped supply, with Fitch Ratings even stating that the world could enter into a deficit of lithium as soon as 2025. Developing new mines and getting capacity online can take years, which is not favorable for the current supply shortfalls.
Therefore, scientists are looking at sodium-ion batteries as an alternative to lithium chemistry batteries. Unlike lithium, sodium is available in abundance and has a readily established supply chain which can be scaled up to meet any hypothetical increase in demand. If problems with increasing lithium production continue to persist, it could raise demand for sodium-ion batteries in the long term.
Expansion of Solar Energy Production Capacity
According to the latest stats of the international renewable energy agency (IRENA), there is currently 1.06 million MW of installed solar energy production capacity in 2023, up by 17.5% from the previous year. China, the European Union and U.S. had the highest capacity addition in 2022. As solar energy production accelerates, it opens up new growth opportunities for the global sodium-ion battery market, especially in energy storage applications.
Research has indicated that sodium-ion batteries could be far more economical than lithium-ion batteries to store surplus solar energy at scale. In August 2023, Biwatt Power, a Chinese battery manufacturer, unveiled the first sodium-ion batteries for residential solar energy storage application.
Performance Limitations as Compared to Lithium-Ion Batteries
One of the biggest drawbacks of sodium-ion batteries over lithium chemistry is its low energy density. The batteries have an average energy density in the range of 90-150Wh/kg, nearly half of lithium batteries, which have an average density of 250Wh/kg. Furthermore, the discharge performance of sodium-ion batteries is also erratic, making them unsuitable for high-performance applications like electric vehicles.
Overcoming these performance limitations has not been easy. In spite of more than a decade of research, scientists have been unable to meaningfully increase the energy density of sodium-ion batteries. So far, the only major advantage of sodium-ion batteries is that they do not experience thermal runaways like lithium-ion batteries and have stable performance across a wider temperature range.
Segment Analysis
The global sodium-ion battery market is segmented based on battery, technology, end-user and region.
The Automotive Industry is Expected to be the Largest Beneficiary of Advances in Sodium Battery Technology
Scientists and engineers have been long considering sodium-ion batteries as a substitute for lithium chemistry batteries. Although there are still quite a few problems to be worked out, the batteries are being adopted for EV two wheelers. In December 2023, TAILG, a Chinese automotive brand, launched a lineup of luxury electric two wheelers utilizing sodium-ion batteries.
Contemporary Amperex Technology Co. Ltd announced in May 2024 that it was developing next-generation sodium-ion batteries with energy densities greater than 200Wh/kg. The company also confirmed that Chery, a Chinese automaker, will be the first brand to use the batteries in its electric vehicles.
Geographical Penetration
New Innovations Will Propel Market Growth in North America
One decisive factor that has aided the market growth in North America is its well-developed research ecosystem. In U.S., electric vehicle manufacturers, along with battery technology startups are experimenting with sodium chemistry. The availability of generous venture capital funding and a ready market for commercial deployment are some other factors that work in its favor. Currently, many former engineers at EV companies are launching their own battery tech startups.
In October 2023, Peak Energy, a startup developing sodium-ion batteries and founded by ex-Tesla Engineers, announced that they had raised US$ 10 million in new venture capital funding and that its first batteries will hit the market by 2025. In May 2024, Natron Energy, another U.S-based battery tech startup, announced that it was commencing the mass production of its fast-charging sodium-ion batteries.
COVID-19 Impact Analysis
Research and development activities within the battery industry continued in a more restricted capacity during the pandemic. The trials and launch of new products were postponed and new research projects were delayed. Venture capital funding for startups dried up due to difficult economic conditions and many companies in the sector went bankrupt.
Many national governments included major funding for green technology in their economic stimulus packaging for pandemic recovery. It created a new growth opportunity for the market, as startups could take advantage of increased capital inflows to launch market-ready products. The global sodium-ion battery market is poised for major growth in the post-pandemic period.
Russia-Ukraine War Impact Analysis
Even before the start of war in Ukraine, Russia’s battery industry was struggling. It was lagging behind Europe, U.S. and China in developing and patenting new technologies. Furthermore, public and private investment in the industry was also declining and many research initiatives had to shut down due to a lack of funding.
All western countries imposed tough economic sanctions on Russia for the war, which practically led to a collapse of the domestic sodium-ion battery industry. Many highly qualified research personnel left the country to continue research studies in European universities. It has caused long-term damage to Russia’s battery technology sector, which is unlikely to develop further unless co-operation is restored with western countries.
By Battery
- Sodium-Sulfur Batteries
- Sodium-Salt Batteries
- Sodium-Air Batteries
- Others
By Technology
- Aqueous
- Non-Aqueous
- Others
By End-User
- Automotive
- Industrial
- Energy Storage
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In January 2024, JAC Group, a Chinese automotive manufacturer, launched the country’s first electric vehicle entirely powered by sodium-ion batteries. The batteries were developed by HiNa Battery Technology Co. Ltd.
- In February 2024, Sodion Energy, an India-founded multinational startup, launched India’s first commercial sodium-ion batteries. The batteries are mostly designed for use in electric two wheelers and consumer appliances.
- In March 2024, Contemporary Amperex Technology Co. Ltd established a new research and development center in Hong Kong.
Competitive Landscape
The major global players in the market include Faradion, Contemporary Amperex Technology Co., Limited, Tiamat Energy, NGK Insulators Ltd., Li-FUN Technology Corporation Ltd., Natron Energy, Inc., Zheijang Natrium Energy Co. Ltd., Transimage Sodium-Ion Battery Co. Ltd., HiNa Battery Technology Co., Ltd and Jiangsu Zoolnasm Energy Technology Co. Ltd.
Why Purchase the Report?
- To visualize the global sodium-ion battery market segmentation based on battery, technology, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of sodium-ion battery market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global sodium-ion battery market report would provide approximately 62 tables, 59 figures and 194 Pages.
Target Audience 2024
- Automotive Companies
- Energy Storage Solutions Companies
- Industry Investors/Investment Bankers
- Research Professionals

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Battery
3.2. Snippet by Technology
3.3. Snippet by End-User
3.4. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Problems in Increasing Lithium Production
4.1.1.2. Expansion of Solar Energy Production Capacity
4.1.2. Restraints
4.1.2.1. Performance Limitations as Compared to Lithium-ion Batteries
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID-19
6.1.2. Scenario During COVID-19
6.1.3. Scenario Post COVID-19
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Battery
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery
7.1.2. Market Attractiveness Index, By Battery
7.2. Sodium-Sulfur Batteries*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Sodium-Salt Batteries
7.4. Sodium-Air Batteries
7.5. Others
8. By Technology
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
8.1.2. Market Attractiveness Index, By Technology
8.2. Aqueous*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Non-Aqueous
8.4. Others
9. By End-User
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.1.2. Market Attractiveness Index, By End-User
9.2. Automotive*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Industrial
9.4. Energy Storage
9.5. Others
10. By Region
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
10.1.2. Market Attractiveness Index, By Region
10.2. North America
10.2.1. Introduction
10.2.2. Key Region-Specific Dynamics
10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery
10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.2.6.1. U.S.
10.2.6.2. Canada
10.2.6.3. Mexico
10.3. Europe
10.3.1. Introduction
10.3.2. Key Region-Specific Dynamics
10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery
10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.3.6.1. Germany
10.3.6.2. UK
10.3.6.3. France
10.3.6.4. Italy
10.3.6.5. Spain
10.3.6.6. Rest of Europe
10.4. South America
10.4.1. Introduction
10.4.2. Key Region-Specific Dynamics
10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery
10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.4.6.1. Brazil
10.4.6.2. Argentina
10.4.6.3. Rest of South America
10.5. Asia-Pacific
10.5.1. Introduction
10.5.2. Key Region-Specific Dynamics
10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery
10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.5.6.1. China
10.5.6.2. India
10.5.6.3. Japan
10.5.6.4. Australia
10.5.6.5. Rest of Asia-Pacific
10.6. Middle East and Africa
10.6.1. Introduction
10.6.2. Key Region-Specific Dynamics
10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Battery
10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology
10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
11. Competitive Landscape
11.1. Competitive Scenario
11.2. Market Positioning/Share Analysis
11.3. Mergers and Acquisitions Analysis
12. Company Profiles
12.1. Faradion*
12.1.1. Company Overview
12.1.2. Product Portfolio and Description
12.1.3. Financial Overview
12.1.4. Key Developments
12.2. Contemporary Amperex Technology Co., Limited
12.3. Tiamat Energy
12.4. NGK Insulators Ltd.
12.5. Li-FUN Technology Corporation Ltd.
12.6. Natron Energy, Inc.
12.7. Zheijang Natrium Energy Co. Ltd.
12.8. Transimage Sodium-Ion Battery Co. Ltd.
12.9. HiNa Battery Technology Co., Ltd
12.10. Jiangsu Zoolnasm Energy Technology Co. Ltd
LIST NOT EXHAUSTIVE
13. Appendix
13.1. About Us and Services
13.2. Contact Us